Narendra Modi says Rs 500 And Rs 1000 Notes Being Discontinued. The move was announced in a sudden address at 8 pm that was televised across all news channels when the frenzy was otherwise with the US presidential polls. The demonetization of Rs 1,000 and Rs 500 notes is a major assault on black money hoarders, fake currency, and corruption.

In his 40-minute address, first in Hindi and later in English, the Prime Minister said the notes of Rs 500 and Rs 1,000 “will not be legal tender from midnight tonight” and these will be “just worthless piece of paper.”

Narendra Modi On Discontinuing Rs. 500, 1000 Notes

However, he said that all notes in lower denomination of Rs 100, Rs 50, Rs 20, Rs 10, Rs 5, Rs 2 and Re 1 and all coins will continue to be valid. He also announced that new notes of Rs 2000 and Rs 500 will be introduced. ATM withdrawals will be restricted to Rs 2,000 per day and withdrawals from bank accounts will be limited to Rs 10,000 a day and Rs 20,000 a week. Banks will remain closed on Thursday and ATMs will also not function tomorrow and day after, Modi said.

Make no mistake: this is the beginning of Narendra Modi’s re-election campaign. No more coasting along, no more promises he can’t deliver on. Now he’s going to focus on changing the subject from everything he hasn’t been able to do since 2014. If the opposition fails to figure out that’s happening, then they’ll be so far behind when 2019 rolls around that they won’t be able to put up a fight.

Narendra Modi: Latest News on 500 and 1000 Notes

There are many people who are very concerned / worried about this dramatic decision by our PM Narendra Modi. “The public will have 50 days time between 10 November and 30 December to deposit old notes of Rs 500 and Rs 1,000 after showing a proof of identity,” he said. The accepted POI documents include Pan Card, Aadhaar Card, Voters ID Card, Driver’s License and Passport.

The exchange of old notes, however, will be limited to Rs 2,000 between 10 and 24 November, and it will be increased up to Rs 4,000 between 25 November to 30 December.